All Forum Posts by: Alyssa Strom

@Max Wexler Welcome! Sending you a PM now with a few recommendations.

@Tim Swierczek Look forward to seeing you! 

Welcome @Janel Y.! You're well on your way! 

@Andrew Smith There's still opportunity but as @Derek Earl Burington said patience is key right now. Also crediting @Bruce Runn for "patience then pounce". Have your financing ready (if needed), get as clear as possible on what you are looking for and start networking while keeping your eye on the MLS.

When networking I think it's way easier for people to remember specific details about what you are looking for (i.e. Turnkey multi-family in Northeast). Basically you are helping them think of you the next time something comes across their plate that fits that description. Both the BP events page and meet-up are great places to find all of the RE groups around town. 

Welcome @Kevin Laurion! You've come to the right place and yes definitely try to attend as many local networking groups as possible. You definitely have enough cash saved so kudos on that. If you are looking for a single-family BRRRR I'd join a few wholesaler lists to see what's going on outside of the MLS. Many of those properties are overpriced with a generous ARV but you'll be able to run the numbers, review comps and act quickly when you find the right deal on or off the market.

From a rental perspective, more doors are better to account for any vacancies. That being said, many of the small multi-family properties are in Minneapolis and Saint Paul and tend to be older. Each property has its quirks and in general older properties tend to come with more of them. The age of the property shouldn't make or break a deal but definitely something to consider when deciding what type of rental portfolio you'd like to build. You can always back out after inspection if there are major red flags due to age.

The BP podcast is probably the best one for beginners. Since there is endless information out there pick a few areas you want to learn more about and focus there. (i.e. screening tenants, finding off-market properties, rehabbing, etc.)

Good luck!

Join us this month to discuss 1031 exchanges with Joe Vesey of First American Exchange. Joe will discuss 1031 rules and requirements, the top 3 misconceptions, reverse/improvement exchanges and any questions you may have.

More about Joe:
Prior to getting into the commercial real estate industry in 2016, Joe held senior sales positions with 2 Fortune 500 insurance companies. In Joe’s current role as the Business Development Manager (Midwest Region) at First American Exchange, Joe consults with investors, brokers and attorneys to facilitate 1031 exchange transactions. He frequently conducts continuing education classes on 1031 exchanges and prides himself on being a valued resource for his current and prospective clients.

@Andy Diaz 5 weeks is a pretty short period of time, especially in the Minneapolis market, where patience is key. What exactly are you looking for in terms of cash flow? Depending on that answer you may need to expand beyond the metro. Many of the best deals right now are off-market and/or require some creativity to make them work. 

A few ideas for you: Join some wholesaler lists, starting mailing to a few neighborhoods you'd like to buy in and attend local meet-ups/networking events and start letting people know what you are looking for. Good luck to you! 

@Jordan Rocca I'll PM you with a Minneapolis contact that may be able to help. 

@Jane Lee My understanding is that a limited brokers license is only an option for a current RE broker. Without being a broker yourself, the only option is a salesperson (agent). There are many low-fee brokerages out there that could hold your salesperson license and you would achieve the same result. Determine how many deals you are looking to do each year and evaluate that against the yearly cost of holding your RE license.

Local investor @Bruce Runn will be discussing the Minneapolis 2040 plan, his insight on the plan and future investment opportunities with the zoning changes.